It sounds like you've done a lot of the preparation work required to hit the ground running. 

A property manager not requiring this raises serious red flags.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

You said public water was available...would the lots require a septic system to be installed or is public sewer available? 

Also start talking to lenders now to understand their requirements 

But, today, most judges are requiring a GAL anyway.

The vacation side is more of a business and requires a lot more work but the affordable housing side is less labor intensive. 

Think about it, why do people do Airbnb........make more money, however they have higher vacancy rates, and more management required.  

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

“If you are seeing a billboard of ‘Sell your home’ or ‘We buy houses’ or whatever else, those kinds of things might be us.”Lapsed licensesDepartment of Licenses and Inspections records show about half of the Philadelphia properties owned by RAD or other Mendenhall-led funds were granted rental licenses since those businesses acquired them.Landlords are required to renew a property’s rental license once a year.